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Thursday, December 24, 2015

SUNRISE, FL – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, announced the sale
of Sunrise Villas, a 60-unit apartment property located in Sunrise, Fla.,
according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $5,400,000 equating to $90,000 per unit.

Brandon J Rex,
a vice president investments, Robert S.
Hunter, a senior associate, Evan P.
Kristol, a senior vice president investments, Daniel J. Cunningham and Derek
R. Gibbs, associate vice presidents, and Evan Richardson, an associate, all in Marcus & Millichap’s Fort
Lauderdale office, represented the seller, a limited liability company from
Charlotte, N.C., and the buyer, a limited liability company from Davie, Fla.

"Sunrise Villas
offers a rare opportunity consisting of all three bedroom units; in a market
comprised of mostly one and two bedroom units," says Rex.

“We received multiple
offers on the property and closed for just under list price,” says Gibbs.

Built in 1971 on a 4.51
acre lot, Sunrise Villas is comprised of 20 one-story buildings with all
three-bedroom/two-bathroom units. Approximately two-thirds of the units have
new wood kitchen cabinets, granite countertops and new ceramic flooring or
vinyl plank throughout.

Sunrise Villas is located
at 6354 NW 26th Street, just south of Oakland Park Boulevard, Sunrise’s major
east/west thoroughfare.